Is your bank/credit union safe? Bankrate.com has the answer

Discussion in 'Economics' started by The Kin, Jul 15, 2008.

  1. I think it's opposite, 1 is bad, 5 is the best. Bankrate.com evaluates the financial condition of institutions and assigns a 1-to-5 rating with five stars representing the highest rating.
     
  2. Safe & Sound CAEL rating Definition Star rating
    1 Superior «««««
    2 Sound ««««
    3 Performing «««
    4 Below peer group ««
    5 Lowest rated «
    No Report Complete data not available Not Rated "NR"
    Closed Institution is closed Closed
    G Designates high growth --
     
  3. My credit union gets 4 stars and ranking of 2. I only keep $75 there because they pay near zero interest on savings and checking accounts, but they also have zero fees. Makes a great account to link with banks like ING Direct that pay higher interest rates.
     
  4. Oh you're right. They have some backward nonsense. Giving both a numerical rating with corresponding stars. Good information, but shockingly poor designed.
     
  5. Anyway, my credit union is 2 CAEL rating and 4 stars. (Sound)
     
  6. amazing how Wamu gets the same rating as IndyMac Bank.
    I used to have a big (for me) account with them, but gradually dissolved it to $130 or so. Now I'm worried about my hundred and thirty bucks. That's a tank of gas for my Lexus.